Antitrust enforcement and consolidation in veterinary medicine

The report examines the trend of private equity firms consolidating the U.S. veterinary care market, noting that corporate consolidators controlled nearly half of the market share in 2021. It highlights concerns that profit-driven motives lead to increased medication prices, pressure on veterinarians to meet quotas, and downward pressure on staff costs. The document details FTC interventions in large acquisitions, such as those by Mars Inc. and JAB Holdings, and argues that regulators should increase scrutiny of smaller 'roll-up' acquisitions and related industries like pet insurance to prevent anticompetitive outcomes.

• Private equity and other corporate consolidators have significantly increased their market share in the U.S. veterinary industry, particularly in specialty and emergency services. By 2021, corporate consolidators were estimated to control nearly 50% of the overall veterinary care market, with their control of specialty practices—including cancer treatment, surgery, and emergency care—reaching almost 75%. Between 2017 and 2022, private equity deals in this sector exceeded $45 billion.
• The shift toward private equity ownership is linked to several negative outcomes for consumers, staff, and animal welfare. Reported issues include a 78% increase in medication prices following a clinic acquisition, pressure on veterinarians to exceed professional vaccination guidelines or meet quotas to increase revenue, and a likely downward pressure on employee costs to maximize investor returns.
• The Federal Trade Commission (FTC) has used divestiture requirements to mitigate the anticompetitive effects of large veterinary mergers. In 2017, the FTC required Mars Inc. to divest 12 clinics in 10 localities as a condition of its $9.1 billion acquisition of VCA Inc. Similarly, JAB Holdings was required to divest three clinics during its acquisition of National Veterinary Associates and another 11 clinics prior to acquiring Ethos Veterinary Health and SAGE Veterinary Partners in 2022.

APA

Private Equity Stakeholder Project (2024). Antitrust enforcement and consolidation in veterinary medicine. https://pestakeholder.org/news/antitrust-enforcement-and-consolidation-in-veterinary-medicine/

Chicago

Private Equity Stakeholder Project. Antitrust enforcement and consolidation in veterinary medicine. 2024. https://pestakeholder.org/news/antitrust-enforcement-and-consolidation-in-veterinary-medicine/.

Wikipedia

{{cite report |author=Private Equity Stakeholder Project |title=Antitrust enforcement and consolidation in veterinary medicine |date=13 February 2024 |url=https://pestakeholder.org/news/antitrust-enforcement-and-consolidation-in-veterinary-medicine/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{privateequitystakeholderproject2024antitrust, author = {{Private Equity Stakeholder Project}}, title = {{Antitrust enforcement and consolidation in veterinary medicine}}, institution = {Private Equity Stakeholder Project}, year = {2024}, month = feb, url = {https://pestakeholder.org/news/antitrust-enforcement-and-consolidation-in-veterinary-medicine/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }